SGAM AI plans to use various local distribution
networks to market the funds, particularly in the Middle
East. The funds will be sold in a Luxembourg-based SICAV
UCITS III format, the release said.

The investment company’s launch of the Shariah
products follows its release in July 2006 of the SGAM AI
Baraka Index, based on a selection of global Shariah
equities.

S&P Shariah Indices exclude businesses that offer
products and services which are considered unacceptable or
non-compliant according to Shariah law, such as advertising
and media (newspapers are allowed, sub-industries are
analyzed individually), alcohol, financials, gambling,
pork, pornography, tobacco, and the trading of gold and
silver as cash on a deferred basis.
S&P’s compliance with Shariah principles is
validated by Ratings Intelligence Partners (RI).